More than half of mainland Chinese luxury consumers plan to increase spending: report
Report says 56 per cent of mainland Chinese luxury consumers plan to increase their purchases from domestic brands
Shoppers have an increasing appetite for luxury experiences and lifestyle products, in addition to tangible luxury goods, according to Simon Tye, the CEO of MDRi, which published its annual luxury report.
“Chinese shoppers want to spend more among all the different brands from the different parts of the world,” Tye said. MDRi surveyed 1,500 luxury consumers from mainland China and 500 from Hong Kong from April to May this year for the report.
All respondents were required to have made a minimum spend of 50,000 yuan or HK$50,000 on luxury purchases within the past 12 months.
The report showed that mainland Chinese purchasing power increased in 2023: polled consumers said they spent an average of 234,500 yuan (US$32,330) on luxury items, a 7 per cent increase from 2022.
Consumers from second-tier cities in China had the highest purchasing power with an average spending of 253,800 yuan in 2023, an increase of 22 per cent from 2022.
In addition, 56 per cent of mainland Chinese luxury consumers said they plan to increase their purchases from domestic luxury brands over the next 12 months.
